As a global leader (?) in mobile phone banking, the Philippines will soon issue rules covering the receipt and transmittal of electronic cash on cellphones to prevent fraud and money laundering.

Regulations are already being finalized by the central bank’s Monetary Board which will cover lenders and their e-money service providers.

According to Bangko Sentral ng Pilipinas Governor Amando M.Tetangco, Jr., the purpose is to mitigate technology or reputational risks that may arise, as well as to protect customers from unscrupulous operators.

It is estimated that one billion text messages (SMS) are sent everyday in the Philippines. A considerable number of these involve the wireless transmission of cash inside and outside the Philippines.